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1 Crown Sydney Hotel Resort Volume 1B Attachments to the Project submission June 2013
2 Crown Sydney Hotel resort at Barangaroo south (Design image)
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5 Commercial-in-Confidence Strictly Confidential index Volume 1B Attachments to the Project Submission 1 KPMG, Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 2012 (26 October 2012) 2 Memorandum of Understanding National Centre of Indigenous Excellence (NCIE) (6 September 2012) 3 Memorandum of Understanding United Voice New South Wales Branch (4 September 2012) 4 Memorandum of Understanding Penrith Panthers Group (7 February 2013) 5 Memorandum of Understanding Mission Australia (12 March 2013) 6 Letter from Lend Lease, World-class hotel at Barangaroo South (19 March 2013) 7 Jones Lang LaSalle, Sydney Hotel Accommodation Report (June 2013) 8 Letter from The Innovation Group, Re: International VIP Gaming Market Assessment (13 June 2013) 9 Letter from United Voice (29 April 2013) 10 Crown response to letter from United Voice (13 May 2013) 11 Allen Consulting Group, Crown Sydney Proposal: An Economic Benefit Assessment (June 2013)
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7 CROWN SYDNEY HOTEL RESORT 1
8 Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth This report has been prepared for Crown Limited 26 October 2012
9 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October 2012 Disclaimers Inherent Limitations This report has been prepared as outlined in the Introduction Section below. The services provided in connection with this engagement comprise an advisory engagement, which is not subject to assurance or other standards issued by the Australian Auditing and Assurance Standards Board and, consequently no opinions or conclusions intended to convey assurance have been expressed. No warranty of completeness, accuracy or reliability is given in relation to the statements and representations made by, and the information and documentation provided by, Crown Limited management and personnel consulted as part of the process. KPMG have indicated within this report the sources of the information provided. We have not sought to independently verify those sources unless otherwise noted within the report. Any estimates or projections of future economic performance are impacted by numerous factors that may influence the various components of the estimates or projections, and are inherently indeterminable whether considered in isolation or in conflux. KPMG exercises reasonable care when making forecasts or predictions, however factors in the process such as market behaviour, are inherently uncertain. As such, future events may not unfold as expected and actual results achieved for the forecast periods covered will vary from the information presented. Any estimates or projections will only take into account information available to KPMG up to the date of this report and so findings may be affected by new information. Accordingly, we do not warrant or guarantee that any outcome presented in this report will be achieved. Further, events may have occurred since we finalised this report which may impact it and its findings. KPMG is under no obligation in any circumstance to update this report, in either oral or written form, for events occurring after the report has been issued in final form. The findings in this report have been formed on the above basis. Third Party Reliance This report has been prepared at the request of Crown Limited in accordance with the terms of KPMG s engagement letter dated 20 June 2012 and is solely for the purpose set out in the Introduction Section of this report. This report is for Crown Limited s information and is not to be used for any other purpose without KPMG s prior written consent. Other than our responsibility to Crown Limited, neither KPMG nor any member or employee of KPMG undertakes responsibility arising in any way from reliance placed by a third party, on this report. Any reliance placed is that party's sole responsibility KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 1
10 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October 2012 Contents Executive Summary 3 1 Introduction Report structure 6 2 Economic Contribution of Crown Melbourne and Perth Modelling approach Operational economic impact of Crown facilities Impact of capital investment in Crown facilities 13 3 Crown Melbourne and Crown Perth Crown Melbourne Crown Perth Crown s investments in diversity 27 4 International development of the integrated resort market Introduction - integrated resort sector in Asia Singapore Macau 37 5 International tourism market trends Inbound arrivals and visitor expenditure Inbound tourism to Australia 47 6 Tourism strategies Australian tourism strategies International tourism strategies 63 A TERM Model 69 B Detailed Results 70 C Integrated resort developments in Asia KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 2
11 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October 2012 Executive Summary Crown Limited (Crown) wholly owns and operates two integrated resorts in Australia: Crown Melbourne and Crown Perth. Both integrated resorts offer a wide range of entertainment services including casinos, restaurants, bars, hotels, theatres, convention centres, day spas and other recreational facilities. The resorts attract a substantial number of domestic and international tourists each year and make a strong direct contribution to their respective state economies as well as indirectly to the national economy. KPMG has been engaged to update and extend its 2010 study undertaken for Crown Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Burswood with a particular focus on: the estimated economic impact of Crown Melbourne and Crown Perth (previously Burswood Entertainment Complex) to their respective state economies; tourism strategies in Asia, the role played by integrated resorts and the degree of government recognition and involvement in the sector; and a review of the current Australian national and state tourism strategies in the context of the regional tourism market outlook, and the position of Crown within these strategies. Key Findings The total (direct and indirect) value-added impact of the operations and capital expenditure is estimated to be around $2.1 billion for Crown Melbourne and $800 million for Crown Perth in The overall employment impact associated with the operations and capital expenditure is estimated to be approximately 23,200 full-time equivalents (FTEs) associated with Crown Melbourne and almost 8,000 FTEs for Crown Perth. Crown has continued to invest in its Melbourne and Perth facilities investment of $2.0 billion was made between 2007 and 2012 and additional capital expenditure is planned for the coming years. Crown Melbourne and Crown Perth are the largest private sector, single-site employers in the states in which they operate, and Crown invests in training provided to its employees. Visitor expenditure between 2010 and 2012 at Crown Melbourne and Crown Perth resorts increased by 18 per cent and 7 per cent, respectively. This is despite the general decline in tourism expenditure in Australia, suggesting that Crown increased its tourism market share. Crown s Melbourne and Perth integrated resorts make meaningful contributions to their respective economies. Given the potential to grow tourism demand from Asia in the medium to long term, particularly through demand for integrated resorts, Crown has the potential to continue to play a considerable role in both the Australian tourism sector and the economy more broadly. 1 The operational impacts relate to 2012 while the capital expenditure impacts capture to the average annual impacts of the capital expenditure for 10 year period to KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 3
12 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October 2012 Economic Contribution The operation of Crown Melbourne and Crown Perth contributes to the economies of Victoria and Western Australia respectively through three channels: Capital investment in facilities Increase in tourism exports Operational expenditure and employment KPMG used Computable General Equilibrium (CGE) modelling to estimate the economic impact of Crown s operations and investment in facilities. Value-added impact The combined value-added impact associated with the capital expenditure, tourism exports and operations is estimated to be around $2.1 billion for Crown Melbourne and $800 million for Crown Perth in Employment impact The overall employment impact associated with the capital expenditure and operations is estimated to be approximately 23,200 FTEs for Crown Melbourne and almost 8,000 FTEs for Crown Perth. Crown Melbourne and Crown Perth Key Facts Crown Melbourne is a key tourist attraction in Australia. Crown Melbourne has received the second highest annual visitation, after the Sydney Opera House, for the last five years. Crown Melbourne and Crown Perth have invested $2.0 billion over the period 2007 to 2012 in tourism infrastructure including entertainment options, accommodation, conference facilities, retail facilities and many dining options. Crown Melbourne and Crown Perth are the largest private sector, single-site employers in the states in which they operate: - Crown Melbourne employs around 7,600 employees on a FTE basis or around 8,800 on a headcount basis; and - Crown Perth employs around 4,200 employees on a FTE basis or approximately 5,600 on a headcount basis. Crown invests in its employees: - Crown College in Melbourne is a $10 million purpose built facility that offers accredited courses through the School of Business, School of Hotels, School of Gaming, and School of Food and Beverage, as part of the Learning Pathways. More than 1,200 employees are currently undertaking training within the Australian Qualifications Framework; and - Crown Perth makes a strong commitment to training employees and apprentices. More than 720 apprentices and trainees are completing nationally accredited training and nearly 200 employees are participating in the Leadership Development Program. 2 The operational impacts relate to 2012 while the capital expenditure impacts capture to the average annual impacts of the capital expenditure for 10 year period to KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 4
13 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October 2012 Tourism Strategies in Asia Tourism strategies in the East Asian and South-East Asian regions show an appreciation of the economic significance of the tourism industry and strategies that incorporate urban tourism infrastructure, cultural and natural elements. Asia-Pacific Tourism Market The Asia-Pacific region has experienced growth of nearly 250 per cent in tourist arrivals between 1990 and In that period, Asia-Pacific countries were among the fastest growing regional destinations. A fundamental driver of the growth in tourism arrival numbers and expenditure in the Asia-Pacific region is the strong increase in Chinese per capita GDP, leading to a rapid rise in the Chinese middle class, which is expected to reach 800 million in 15 years. As part of this structural transformation of the Chinese economy and society, Chinese outbound travel is expected to grow by 17 per cent annually over the next decade. Over the past decade, however, Australia has not shared equally in regional gains and in fact has experienced a decline in its share of global tourism. This decline is attributed in part to the structural rise in the Australian dollar over this period, but also to tourism strategies and policies. Competition in the Asian integrated resort market continues to grow Integrated resorts benefit the domestic economy directly through tourism spending in the resorts, employment and taxation revenues. Indirectly, integrated resorts also benefit the economy through tourism expenditure outside of the resort and the flow-on effects of that spending in the form of increased incomes to goods and services providers (which in turn are spent on broader consumption) as well as additional government revenues. The success of integrated resorts in Macau at attracting Asian tourists continues to provide a model for other countries in Asia to develop similar offerings as a driver of growth in the tourism sector. Integrated resorts are now operational across Asia, in Malaysia, Macau, Singapore and the Philippines. In addition, Vietnam is due to enter the market in 2013 and Japan, South Korea and Taiwan are in various stages of planning for integrated resort developments. Crown continues to play a considerable role in Australia s tourism sector Crown s continued investment in accommodation facilities at Crown Melbourne and Crown Perth also expands the accommodation capacity of each city. This is expected to allow for further growth in tourism demand in the future. This is especially important in Perth where there is a well-documented tourism accommodation shortage. Given the potential to grow tourism demand from Asia in the medium to long term, particularly through demand for integrated resorts, Crown has the potential to continue to play a considerable role in both the Australian tourism sector and the economy more broadly KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 5
14 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October Introduction Crown Limited (Crown) wholly owns and operates two integrated resorts in Australia: Crown Melbourne and Crown Perth. Both integrated resorts offer a wide range of entertainment services including casinos, restaurants, bars, hotels, theatres, convention centres, day spas and other recreational facilities. The resorts attract a substantial number of domestic and international tourists each year and make a significant direct contribution to their respective state economies as well as indirectly to the national economy. KPMG has been engaged to update and extend its 2010 study undertaken for Crown Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Burswood with a particular focus on: the estimated economic impact of Crown Melbourne and Crown Perth (previously Burswood Entertainment Complex) to their respective state economies; tourism strategies in Asia, the role played by integrated resorts and the degree of government recognition and involvement in the sector; and a review of the current Australian national and state tourism strategies in the context of the regional tourism market outlook, and the position of Crown within these strategies. 1.1 Report structure The remainder of this report is structured as follows: Section 2 presents the economic contribution of Crown Melbourne and Crown Perth; Section 3 provides an introduction to the Crown integrated resorts in Melbourne and Perth and an overview of recent developments and investments; Section 4 provides an overview of recent developments in integrated resorts throughout Asia; Section 5 summarises international tourism market trends; Section 6 considers the tourism policies in Australia and Asia and examines government support of integrated resorts in each country; and additional explanatory data is attached in the appendices at the end of this report KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 6
15 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October Economic Contribution of Crown Melbourne and Perth The operation of Crown Melbourne and Crown Perth contributes to the economies of Victoria and Western Australia through three channels: Capital investment in facilities Increase in tourism exports Operational expenditure and employment This section discusses and presents the approach to estimating the economic contribution of Crown Melbourne and Crown Perth. Key Findings KPMG used Computable General Equilibrium (CGE) modelling to estimate the economic impact of Crown s operations and investment in facilities. Overall, the combined value-added impact associated with the capital expenditure and operations is estimated to be around $2.1 billion for Crown Melbourne and $800 million for Crown Perth The overall employment impact is estimated to be approximately 23,200 FTE associated with Crown Melbourne and almost 8,000 FTE for Crown Perth. Taking into account both the direct and indirect economic contributions, the estimates of economic impact are set out below: Economic contribution associated with Crown operations Value-added ($m) (2012 prices) Employment (FTEs) 2,000 1,800 1,600 1,400 1,200 1, ,760 Crown Melbourne 560 Crown Perth 25,000 20,000 15,000 10,000 5, ,240 Crown Melbourne 5,830 Crown Perth 3 The operational impacts relate to 2012 while the capital expenditure impacts capture to the average annual impacts of the capital expenditure for 10 year period to KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 7
16 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October 2012 Average annual economic contribution associated with capital investment ( to ) Value-added ($m) (2012 prices) Employment (FTEs) ,500 3,000 2,500 2,000 2,960 2, , , Crown Melbourne Crown Perth 0 Crown Melbourne Crown Perth The difference in flow-on impacts between Crown Melbourne and Crown Perth is driven by a number of factors: the estimated number of visits to Crown Melbourne is approximately three times that of Crown Perth; the level of international and interstate tourism for Crown Melbourne is approximately eight times that of Crown Perth - this results in a more pronounced impact on the total economic contribution: Crown Perth has a higher proportion of local visitors; consistent with consumer choice theory, expenditure by local visitors is assumed to take place irrespective of the presence of Crown and therefore, does not add to the economic contribution (that is, consumers would otherwise spend their income in the Perth economy on a substitute good/service); and the revenue associated with Crown Melbourne s operations is approximately two and a half times that associated with Crown Perth. Creating further complexity, each state s tourism sector is comprised of different demand and supply chains that mean that the flow-on impacts of tourism expenditure will be quite different. For example, there is less reliance on imports for many goods in the tourism supply chain in Victoria relative to Western Australia, meaning the economic impact will be larger for Victoria as imported goods do not contribute to value-added KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 8
17 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October Modelling approach To estimate the economic contribution of Crown Melbourne and Crown Perth, multi-regional CGE modelling was employed. Multi-regional CGE modelling captures the region-wide flow-on impacts through inter-regional upstream and downstream production linkages. The total economic contribution captures both the direct and indirect (or flow-on) impacts. Indirect impacts include: increased demand for goods and services that support the supply chains of Crown Melbourne and Crown Perth operations and capital expenditure; increased demand for consumer-orientated industries that cater to the spending of employees of Crown Melbourne and Crown Perth; and impacts on the cost of business inputs generated by changes in the price of some goods and services as a result of Crown Melbourne and Crown Perth operations. Appendix A outlines a more detailed description of the CGE model used for this study. 2.2 Operational economic impact of Crown facilities There are two components of the ongoing economic contribution of the operation of Crown facilities in Melbourne and Perth, namely: associated tourism (export) demand; and operational employment and expenditure. The associated tourism demand is driven by expenditure by Crown visitors inside Crown facilities and induced expenditure by these visitors outside of Crown. Expenditure within Crown facilities Visitor spending within the Crown complex is derived from data provided by Crown. As shown in Table 2-1, in 2012 visitor expenditure at Crown Melbourne was just over two and a half times that of Crown Perth. Table 2-1: Visitor expenditure at Crown facilities, 2012 ($ million) Visitor expenditure ($ million) Crown Melbourne Crown Perth Crown facilities VIP gaming Main floor gaming Non gaming Total complex 1, Source: Crown Limited 2012 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 9
18 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October 2012 Visitor expenditure outside of Crown Visitor spending outside of Crown is estimated based on data from TRA and Crown. TRA data indicates that there was a general decline in tourism numbers and expenditure over the last few years. This is also reflected in the number of, and expenditure by, tourists who visited a casino. Table 2-2: Casino tourism visitors and expenditure, Australia, Number of visitors (no.) Visitor expenditure ($m) International 796,400 $4,081.6 Domestic Overnight 921,500 $1,281.2 Source: TRA (unpublished data) Crown estimates that approximately 25 million visitors visit the Melbourne and Perth facilities each year approximately 18 million visitors to Crown Melbourne and seven million to Crown Perth. As visitors often undertake multiple activities when they visit a Crown facility, Crown s estimates of total visitor activities exceeds the total number of estimated visitors to the facilities. Table 2-3: Number of visitor activities at Crown Melbourne and Perth Crown Melbourne ( 000) Number of visitor activities, 2012 Share Crown Perth ( 000) Share Local 26,477 80% 10,227 93% Interstate 4,965 15% 360 3% International 1,655 5% 493 4% Total 33, % 11, % Source: Crown Limited The estimates provided by Crown (shown in Table 2-3) are not directly comparable to those obtained from TRA. Crown information represents an estimate of the number of visitor activities, while the TRA data reflects the number of visitors. As a visitor can visit multiple times during a trip, it is necessary to understand the number of visits per trip to compare the two sets of information. According to a report commissioned by the Australasian Casino Association 4, the average number of visits to a casino by international visitors was 2.4 times in By applying this metric to the TRA estimates of number of visitors, it is possible to calculate the total visits to the casino. Using the above analysis, total visitor spending outside of Crown can be estimated. However, this figure cannot then be used to estimate the amount of spending that international visitors make as a direct result of the Crown integrated resort. This amount must first be adjusted to only 4 Allen Consulting Group, 2009, Casinos and the Australian Economy, report prepared for the Australasian Casino Association, April KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 10
19 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October 2012 capture the induced tourism spending due to Crown. Otherwise, the induced tourism impact would be overstated. 5 In addition to international and domestic visitors, the Crown integrated resorts also attract a significant proportion of local visitors 6. Spending by local visitors inside the Crown integrated resorts is obtainable directly from Crown, and it is assumed that any spending by local visitors outside the integrated resort would occur as part of their natural spending pattern and thus is not attributable to the integrated resort. Finally, Crown Melbourne and Crown Perth generate revenue from two additional sources, including: income from rent and leasing of space to non-crown businesses within each facility; and income from high roller international VIP players 7. The direct economic contribution of each facility is used as model inputs to estimate the total (direct and indirect) economic contribution of each facility to its respective state economy. These direct inputs are summarised in the following table. Table 2-4: Total direct contributions model inputs Crown Melbourne Crown Perth Employment (FTEs) Crown employees 5,546 3,243 Other 2, Total Employment 7,624 4,188 Visitor Expenditure at Crown ($m) International Domestic Local Total Spend at Crown 1, Induced Visitor Expenditure ($m) Source: KPMG estimates based on information supplied by TRA and Crown Limited. 5 For this analysis, it is assumed that the international visitor spending that is induced by the Crown integrated resorts is linked to the proportion of international visitors who choose to stay in an integrated resort hotel. Information supplied by Crown and sourced from TRA shows that around 26 per cent of international visitors to Crown Melbourne stayed at Crown Melbourne and 23 per cent of international visitors to Crown Perth stayed at Crown Perth. 6 Local visitors refer to visitors to each facility from within the state and who do not stay overnight. 7 Crown revenue from international VIP gaming is accounted for separately to international tourism spending. Due to survey methods employed by TRA to gather tourism spending data, it is unlikely that international VIPs would participate in these surveys. Thus, their spending is not included in the international casino tourism spending supplied by TRA. In both these instances, data is supplied by Crown KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 11
20 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October 2012 Value-added impacts The economic impacts associated with higher tourism demand and the operation of Crown facilities are outlined in the following sections. Chart 2-1 shows the positive impact on value-added in the Western Australian and Victorian economies from the operation of, and tourism demand associated with, Crown facilities. The rise in overall value-added impact in 2012 is the result of the increase in tourism visitor expenditures and an increase in operational activity and employment at Crown Melbourne. Chart 2-1: Value-added impact of operation of Crown facilities, 2012 ($m) 2,000 1,800 1,760 1,600 1,400 1,200 1, Crown Melbourne Crown Perth Source: KPMG analysis. The industry distribution of the economic impacts is presented in Appendix B. Employment impacts In addition to raising value-added, the operation of Crown facilities is also expected to support employment in the broader Melbourne and Victorian economies. Estimates of total (direct and indirect) employment impacts are presented in Chart KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 12
21 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October 2012 Chart 2-2: Employment impacts of operation of Crown Melbourne, 2012 (FTEs) 25,000 20,000 20,240 15,000 10,000 5,830 5,000 0 Crown Melbourne Crown Perth Source: KPMG analysis. The industry distribution of the economic impacts is presented in Appendix B. 2.3 Impact of capital investment in Crown facilities Crown has made substantial investment in facilities in Melbourne and Perth and additional capital expenditure is planned for the coming years. This capital investment is expected to stimulate short-run construction activity and to raise overall aggregate demand in the state economies of Victoria and Western Australia 8. To capture the economic contribution of completed and planned capital expenditure, the economic impact of average annual capital expenditure was modelled. Historic and projected average annual capital expenditure for the 10 year period to at Crown facilities is estimated to be: $168.7 million at Crown Melbourne; and $149.9 million at Crown Perth. The actual and forecast capital expenditure at Crown Melbourne and Crown Perth over the period to is illustrated in the following chart. 8 Crowding out effects occur when there is a large-scale project that results in a diversion of scarce resources to a project and away from other sectors. In the case of Crown, there is potential that construction and development of facilities may divert labour and other inputs away from other private sector projects including other construction activities. The potential for crowding out to occur can be assessed based on the size of the labour requirement relative to the size of the whole labour force in the economy. For illustrative purposes, KPMG conducted an analysis of the potential for crowding out impacts resulting from the investment in Crown facilities and found that the employment resulting from investment in Crown facilities accounts for a small proportion of total employment. Accordingly, it is not expected that the development of the facilities would cause significant crowding out effects on other sectors or other regions KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 13
22 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October 2012 Chart 2-3: Construction expenditure, Crown, to ($m) Actual Forecast Crown Melbourne Crown Perth Source: Data provided by Crown Limited Value-added impacts The capital investment at Crown facilities is estimated to have a positive impact on value-added (the additional value to the economy in terms of wages and profit in each industry). The estimated impacts are outlined in Chart 2-4. Chart 2-4: Average annual value added impact of capital investment in Crown facilities, to ($m) (2012 prices) $ million Crown Melbourne Crown Perth Source: KPMG estimates based on information supplied by Crown. The complete industry distribution of the economic impacts is presented in Appendix B KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 14
23 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October 2012 Employment impacts In addition to boosting value-added, an increase in expenditure activity associated with capital investment in Crown facilities is also expected to lead to higher employment in Melbourne and Perth and their respective state economies. Estimates of total (direct and indirect) employment impact of capital expenditure are presented in Chart 2-5. Chart 2-5: Average annual employment impact of capital investment in Crown facilities, to (FTEs) 3,500 3,000 2,960 2,500 2,000 2,100 1,500 1, Crown Melbourne Crown Perth Crown Melbourne Crown Perth Source: KPMG estimates based on information supplied by Crown.. A complete industry distribution of the economic impacts is presented in Appendix B KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 15
24 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October Crown Melbourne and Crown Perth Crown Melbourne and Crown Perth have continued to grow through an ongoing program of investment in infrastructure and employee development; they are important tourist destinations that make a strong direct contribution to their respective state economies as well as indirectly to the national economy. Key findings Crown Melbourne is a key tourist attraction in Australia. Crown Melbourne has received the second highest annual visitation, after the Sydney Opera House, for the last five years; Crown Melbourne and Crown Perth have invested $2.0 billion over the period 2007 to 2012 in tourism infrastructure including entertainment options, accommodation, conference facilities, retail facilities and many dining options; Crown Melbourne and Crown Perth are the largest private sector single-site employers in the states in which they operate: - Crown Melbourne employs around 7,600 employees on a full-time equivalent basis or around 8,800 on a headcount basis 9 ; and - Crown Perth employs around 4,200 employees on a full-time equivalent basis or approximately 5,600 on a headcount basis. Crown invests in its employees: - Crown College in Melbourne, which is a $10 million purpose built facility and offers accredited courses through the School of Business, School of Hotels, School of Gaming, and School of Food and Beverage, as part of the Learning Pathways. More than 1,200 employees are currently undertaking training within the Australian Qualifications Framework; and - Crown Perth s commitment to training employees and apprentices. More than 720 apprentices and trainees are completing nationally accredited training and nearly 200 employees are participating in the Leadership Development Program. Crown is committed to promoting diversity: - Crown s Indigenous Employment Strategy, which is recognised as a best practice model by the Australian Employment Covenant and GenerationOne; and - Crown s Disability Employment Plan, which was extended to Crown Perth in Crown contributes to the community, the arts and the environment through taxes paid, charitable donations, and sustainability measures. 9 Estimates of full-time equivalent (FTE) employees measures the total number of employees required on a full-time basis. Headcount estimates refer to the number of employees on either a casual, part-time or full-time basis KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 16
25 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October Crown Melbourne Crown Melbourne opened in 1997 as part of a program of urban renewal for Southbank, Melbourne, and served as a catalyst for both residential and commercial development of the area. Southbank is now one of Melbourne s primary business and entertainment precincts and the Southbank Promenade and Southgate Arts and Leisure Precinct are one of the major arts and cultural destinations in Melbourne. 10 Crown Melbourne is comprised of a casino, hotels, function rooms, restaurants, shopping and entertainment facilities. These facilities act as a drawcard for visitors, as evidenced by Crown Melbourne s popularity as a tourist destination. For the last five years, Crown Melbourne has registered the second highest visitation of Australian tourist attractions, behind the Sydney Opera House. 11 Financial performance In the 2012 financial year, Crown Melbourne had growth of 1.0 per cent in normalised 12 Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) compared with the 2011 financial year. 13 This was comprised of: 14 gaming revenue growth of 6.6 per cent to $991.9 million; VIP program play growth of 15.0 per cent to $418.0 million; and non-gaming revenue growth of 1.9 per cent to $372.1 million. These results were achieved despite refurbishment disruptions, an increase in gaming machine tax and the effects of higher fixed costs associated with the facilities upgrade Crown Limited, Integrated resorts presentation, May Euromonitor, Passport: travel and tourism in Australia, Crown calculated normalised results with theoretical win rates. Normalised results are adjusted to exclude the impact of any variance from the theoretical win rate on VIP program play. 13 Crown Ltd full year results presentation, August Ibid. 15 Ibid KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 17
26 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October 2012 Chart 3-1: Revenue generated by Crown Melbourne ($bn) Crown Crown Tenants Source: Crown Limited; KPMG analysis Crown Melbourne s annual revenue grew by a compound average growth rate (CAGR) of 7.2 per cent between 2007 and 2012, notwithstanding the Global Financial Crisis (GFC). Capital expenditure Crown Melbourne s capital projects contribute to the economy. The initial construction of the complex involved an investment of $1.9 billion. This development on unoccupied industrial space contributed to the urban redevelopment of Melbourne. Between 2007 and 2012, Crown invested approximately $2.0 billion in Crown Melbourne and Crown Perth, of which approximately $1.4 billion was spent on the upgrade and expansion of Crown Melbourne Crown Limited, About Crown: investing in large scale tourist attractions, viewed on 12 August < KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 18
27 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October 2012 Chart 3-2: Capital expenditure at Crown Melbourne % 80% 70% 60% 50% % % % % 0% Actual capital expenditure ($m) Percentage of total capital expenditure (%) Forecast capital expenditure ($m) Source: Crown Limited; KPMG analysis Note: Capital expenditure is measured on the left axis; percentage of total capital expenditure is measured on the right axis. Capital expenditure at Crown Melbourne has been significant in recent years. Between 2009 and 2011, capital expenditure at Crown Melbourne averaged 16 per cent of Crown Melbourne s operating revenue. 17 As illustrated in Chart 3-2, Crown invested heavily in Crown Melbourne between 2007 and Thereafter, Crown has invested relatively more in Crown Perth. Employment and training Crown Melbourne is the largest single-site private sector employer in Australia, 18 employing 7,600 employees on a full-time equivalent basis. 19 In terms of headcount, Crown Melbourne employs more than 8,800 employees. 20 Between 2007 and 2012, the number of Crown Melbourne employees grew by an average 3.2 per cent per year. For the period 2007 to 2012, contractors to Crown Melbourne grew by 4.2 per cent per annum. 17 Crown Limited, Annual report, Crown Limited, Annual Report Crown Limited, unpublished data. 20 Crown Limited, Annual Report KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 19
28 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October 2012 Chart 3-3: Crown Melbourne workforce on a full-time equivalent basis Employees Contractors Tenancies Source: Crown Limited; KPMG analysis Crown Melbourne heavily invests in training its workforce, as exemplified by Crown College, a $10 million purpose-built learning facility that: 21 provides accredited courses through the School of Business, School of Hotels, School of Gaming and School of Food and Beverage as part of the Learning Pathways program; is currently training more than 1,200 employees within the Australian Qualifications Framework; provided over 800,000 hours of training in the 2012 financial year; and saw a 12 per cent increase over the 2012 financial year, in the number of employees completing a Certificate III qualification. The contribution that Crown Melbourne makes through its training and employment program has been formally recognised by government and industry, through the following awards: Victorian Training Award in the Apprenticeship Development category at the Learning Impacts Awards; Recommended Employer Award at the 2012 Australian Business Awards; Australian Employer of the Year Award 2010; Victorian Employer of the Year Award 2010; and LearnX Organisational and Staff Developments Award Ibid. 22 Ibid KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 20
29 ABCD Crown Limited Integrated Resorts and Asian Tourism the Role of Crown Melbourne and Crown Perth 26 October 2012 Crown s employment contribution extends to providing community value through the continued promotion of diversity in the workplace. Crown Melbourne is one of the largest employers of Indigenous people in Victoria. 23 Crown recognises the importance of Asian visitors to its integrated resorts, by providing visitor services and facilities that are targeted towards Asian visitors. This includes investments in multi-lingual employees. Facilities The Crown Melbourne complex covers almost 11 hectares of land and attracts 18 million visitors a year. The integrated resort has many gaming and non-gaming facilities, including: 24 2,500 gaming machines and has approval to operate 500 table games; Crown Metropol Melbourne Hotel, which has 658 guest rooms; Crown Towers Melbourne Hotel, which has 480 guest rooms; Crown Promenade Melbourne Hotel, which has 465 guest rooms; Crown Conference Centre, which has 7,350 square metres of conference and meeting facilities across three floors; banqueting facilities including the Palladium s 1,500 seat ballroom and the Palms 900 seat cabaret venue; more than 70 restaurants, food outlets and bars; international designer boutiques and retail outlets; and entertainment facilities including a cinema complex, a bowling alley, an interactive gaming centre, and two day spas. In addition to these facilities, Crown is in the process of upgrading Crown Melbourne s main gaming floor. Visitors to Crown Melbourne Crown Melbourne is the second most visited tourist attraction in Australia after the Sydney Opera House, attracting approximately 18 million local, interstate and international visitors each year. 25 International visitors to Crown Melbourne increased by 14 per cent between 2007 and 2012, 26 while international visitation to Australia as a whole increased by 4.2 per cent in the same period. 27 The growth in international visitors to Crown Melbourne demonstrates that Crown Melbourne has been successful in increasing visitation despite little growth in the Australian tourism sector as a whole. 23 Crown Limited, About us: Indigenous employment, viewed on 12 August 2012 < 24 Crown Limited, Annual Report Ibid. 26 Crown Limited, unpublished data. 27 Australian Bureau of Statistics, Overseas arrivals and departures: category number KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 21
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